The amortized cost and estimated fair value of debt securities at December 31, 2000, by contractual maturities, are as follows:

The cost and estimated fair value of investments in equity securities are as follows:

The fair value of debt and equity securities was estimated using quoted market prices. Sales of debt and equity securities resulted in real-ized gains of $2.2 million, $3.5 million and $1.4 million; and realized losses of $4.8 million, $1.6 million and $0.2 million for the years ended December 31, 2000, 1999 and 1998, respectively.

Loans Receivable:

Loans receivable are summarized as follows:

Real estate loans are collateralized by properties located primarily in Southern California. The average yield on the Company’s loan portfolio was 10.0% for the years ended December 31, 2000 and 1999. Average yields are affected by amortization of discounts on loans purchased from other institutions, prepayment penalties recorded as income, loan fees amortized to income and the market interest rates charged by thrift and loan institutions.

The fair value of loans receivable was $94.6 million and $87.7 million at December 31, 2000 and 1999, respectively, and was estimated based on the discounted value of the future cash flows using the current rates being offered for loans with similar terms to borrowers of similar credit quality.

The allowance for loan losses is maintained at a level that is considered appropriate by management to provide for known risks in the portfolio.

The aggregate annual maturities for loans receivable in each of the five years after December 31, 2000, are as follows:

Assets Acquired in Connection with Claim Settlements:

The above amounts are net of valuation reserves of $1.0 million and $4.9 million at December 31, 2000 and 1999, respectively.

The fair value of notes receivable was $12.3 million and $11.1 million at December 31, 2000 and 1999, respectively, and was estimated based on the discounted value of future cash flows using the current rates at which similar loans would be made to borrowers of similar credit quality.

Demand Deposits:

Passbook and investment certificate accounts are summarized as follows:

The carrying value of the passbook accounts approximates fair value due to the short-term nature of this liability. The fair value of investment certificate accounts was $69.9 million and $69.5 million at December 31, 2000 and 1999, respectively, and was estimated based on the discounted value of future cash flows using a discount rate approximating current market for similar liabilities.